The American Water Works Association and the American Society of Mechanical Engineers (ASME) Innovative Technologies Institute have partnered to develop a national voluntary consensus standard encompassing an all-hazards risk management process for use by water and wastewater utilities. The standard will be based on Risk Analysis and Management of Critical Asset Protection, better known as RAMCAP. With help from the Department of Homeland Security, the Environmental Protection Agency and the Waster Sector Coordinating Council, ASME tailored the general version of RAMCAP to apply to water and wastewater utilities and adapt two pre-existing tools to be RAMCAP consistent. The standard will build on that effort and include protection and resilience. This new standard will help guide the allocation of limited funds among diverse assets within a utility, across utilities in different communities, and among assets in sectors of critical infrastructure.